Thursday, May 24, 2012

The Next Bubble Burst: Student Debt?

Private lenders have preyed upon unsuspecting young people desiring to further their education for years. Of course, they have intentionally targeted those coming from poor socio-economic backgrounds. What else is new?

Well, now that the student debt bubble has accumulated over $1 trillion in student loan debt, starting July 1, Federal Pell Grants are set to be cut for hundreds of thousands of students across the US. Whats more, the Senate "blocked President Obama’s student loan interest-rate reduction plan and also shot down a GOP proposal, leaving the chamber without a solution and little more than a month to go before rates are scheduled to double".

The reforms will save $11 billion over 10 years, according to reports. Students will lose the $5,550-a-year grants in order to find the savings.

"The loss of Pell Grants could put college out of reach" for many students with fiscal hardships, the newspaper reported.

Under old rules, students who had taken at least six units of college courses but who did not have a diploma were eligible for the loans. The new rule eliminates the Pell Grants as well as other subsidized loans for the students, known as "ability-to-benefit" students.
Here's the thing. We're told the government can't find a way to pay for extending student loan rates, yet, we're not told that the government earns more money on these student loans than they pay out!  Meanwhile, half of all college graduates are either unemployed or underemployed.  And unlike a mortgage, one cannot walk away from one's student loan debt, even if one can't walk, can't talk...in other words,  in a coma, as student loan debt cannot be expunged, nor forgiven.

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